DGAP-News: Dynamic start to 2011 for GFT: revenue and earnings extended in first quarter
(firmenpresse) - DGAP-News: GFT Technologies AG / Key word(s): Quarter Results
Dynamic start to 2011 for GFT: revenue and earnings extended in first
quarter
12.05.2011 / 07:09
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* Revenue up 24 percent to EUR 67.30 million
* Pre-tax earnings (EBT) improved by 25 percent to EUR 2.02 million
* Resourcing division exploits upturn in industrial sector: revenue
growth of 38 percent, earnings growth of 71 percent
* Services division profiting from consistently high demand of financial
sector: revenue up 9 percent, earnings raised 12 percent
* Group outlook 2011 confirmed: total revenue of EUR 275 million and EBT
of EUR 13 million expected
Stuttgart, 12 May 2011 - GFT Technologies AG continued its positive
development of the past financial year in early 2011 and closed the first
quarter of 2011 with a strong increase in revenue and earnings. Revenue
grew by 24 percent to EUR 67.30 million (prev. year: EUR 54.43 million);
earnings before taxes (EBT) reached EUR 2.02 million and were thus 25
percent higher than in the same period last year (EUR 1.62 million). 'GFT
got off to a good start in its financial year 2011. We recorded a further
quarter of dynamic growth and were able to continue the positive
development of 2010 across all sectors and countries,' states GFT's CEO
Ulrich Dietz. He also sees further growth potential for 2011: 'Our key
markets are displaying a high propensity to invest. When it comes to mobile
banking applications or even new systems for risk management and customer
advice, our innovative and secure IT solutions for the financial sector are
just as much in demand as our international network of experts'. The GFT
Executive Board therefore confirms the forecast made in the Consolidated
Financial Statements 2010: for 2011, total revenue is expected to reach EUR
275 million and EBT EUR 13 million.
Revenue: both divisions on course for growth
The ongoing recovery of the economy as a whole gave a dynamic boost to the
GFT Group in the period under review. Revenue grew year on year by 24
percent to EUR 67.30 million in the first quarter of 2011 (prev. year: EUR
54.43 million). The Resourcing division made a particularly strong
contribution to this positive development. The growth in international
demand for freelance IT specialists and engineers had a positive impact on
this segment, whose clients are mostly to be found in the manufacturing
industry. GFT generated revenue of EUR 38.41 million in this segment in the
first three months of 2011 (prev. year: EUR 27.81 million), corresponding
to growth of 38 percent. In addition to more intensive cooperation with
existing clients, significant revenue gains were also achieved by winning
new customers - especially in France and Germany.
The Services segment was able to build on the high level of revenue already
achieved in 2010: with year-on-year growth of 9 percent, the segment
generated revenue of EUR 28.89 million in the period under review (prev.
year: EUR 26.62 million). This positive development was due in part to
consistently high demand from corporate and investment banking clients in
the UK, but also resulted from much stronger investment activity within
Germany's financial sector.
The expansion of project volumes with existing clients in the Services
division and the successful development of activities in the Resourcing
division led to high growth rates across all markets in the first quarter:
Germany posted year-on-year growth of 25 percent; revenue generated with UK
clients was up 22 percent and with French clients by 54 percent. Revenue in
Switzerland climbed by 63 percent.
Earnings: year-on-year growth of 25 percent
In the first quarter of 2011, earnings before taxes grew strongly by 25
percent to reach EUR 2.02 million (prev. year: EUR 1.62 million). The
Services division contributed EUR 1.44 million to total earnings, achieving
year-on-year growth of 12 percent (prev. year: EUR 1.29 million). There was
also significant growth in EBT posted by the Resourcing sector: due to
increased segment revenue and efficiency gains in its internal processes,
segment earnings were up 71 percent to EUR 0.65 million (prev. year: EUR
0.38 million). The positive trend from the fourth quarter of 2010 continued
into 2011: the recovery of the industrial sector led to a strong increase
in demand for freelance specialists.
Further key figures: solid balance sheet structure; 14 percent increase in
headcount
The GFT Group generated net income of EUR 1.35 million for the first three
months ending 31 March 2011, representing growth of 16 percent over the
same period last year (EUR 1.16 million). Earnings per share improved
slightly to EUR 0.05 in the period under review, compared to EUR 0.04 at
the end of the first quarter 2010. Due to the positive earnings situation,
cash, cash equivalents and securities increased to EUR 38.27 million,
representing year-on-year growth of EUR 6.95 million or 22 percent. As of
31 March 2011, GFT employed 1,307 people (prev. year: 1,149), including
part-time staff calculated on a pro rata basis. This increase of 158
employees or 14 percent reflects the high utilisation of development
capacity as well as the revenue growth of the previous year. The number of
staff employed in Germany grew from 251 to 282 persons.
Outlook: sustainable growth expected; forecast for year as a whole
confirmed
GFT's CEO Ulrich Dietz is confident about the company's prospects in
financial year 2011: 'We are clearly focused on our target for 2011. Due to
the high demand in relevant markets and our strictly aligned range of
services, we are optimistic that we can achieve further sustainable growth.
The Services segment will continue its positive business development and we
expect further dynamic growth for the Resourcing segment'. Against this
backdrop, the Executive Board confirms the forecast made in the
Consolidated Financial Statements 2010. For 2011, it expects to achieve
total revenue of EUR 275 million and earnings before taxes of EUR 13
million. 'Both our target and strategy are clear: GFT has occupied
important future IT topics and will continue to offer compelling and
intelligent IT solutions in 2011. Our innovative strength and the
continuous improvement of our products and internal processes provide an
excellent foundation for further profitable growth.'
Detailed financial figures are available in the Investor Relations section
of the GFT website at http://www.gft.com/ir.
Key figures in accordance with IFRS 5:
Key figures acc. to IFRS in EUR million 01.01.- 01.01.-About GFT:
31.03.2011 31.03.2010
Revenue 67.30 54.43
EBITDA 2.18 1.78
EBIT 1.86 1.50
Earnings before taxes (EBT) 2.02 1.62
Net income from continued operations as of 31 1.35 1.16
March
Earnings per share from continued operations 0.05 0.04
acc. to IAS 33 in EUR
Equity ratio in percent 56 55
Number of employees as of 31 March 1,307 1,149
The GFT Group, headquartered in Germany, is an international provider of
innovative IT solutions and services. Over 20 years of experience makes the
company a reliable and strategic IT partner, enabling its clients to
optimise their business processes through intelligent IT systems and
specialists and to thus sustainably improve their competitive positions.
GFT is among the world's leading IT service providers in the financial
services sector. The company combines established technology experience
with a wide range of industry expertise, in order to develop, implement and
maintain customised IT solutions (Services division).
GFT recruits and places IT freelancers across a range of industries and
locations. It also oversees the complete management package for its
clients. The basis for this is a worldwide reserve of experts, consisting
of over 180,000 freelance IT specialists (Resourcing division).
Ulrich Dietz founded GFT in 1987 and is now CEO of the Group which, in
2010, achieved revenues of around 248 million EUR. It has more than 1,300
employees at locations in seven countries. GFT shares are listed on the
Frankfurt Stock Exchange (Prime Standard: WKN 580 060, GEX). For more
information please visit www.gft.com
Contact:
Andrea Wlcek
Director Global Marketing, Media&Investor Relations
GFT Technologies AG
Filderhauptstraße 142
70599 Stuttgart
Germany
T +49 711 62042-440
F +49 711 62042-301
andrea.wlcek(at)gft.com
www.gft.com
End of Corporate News
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Language: English
Company: GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
Deutschland
Phone: +49 (0)711/62042-0
Fax: +49 (0)711/62042-301
E-mail: Investor-Relations(at)gft.com
Internet: www.gft.com
ISIN: DE0005800601
WKN: 580060
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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124192 12.05.2011Unternehmensinformation / Kurzprofil:
Datum: 12.05.2011 - 07:09 Uhr
Sprache: Deutsch
News-ID 34046
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